Quarterly report pursuant to Section 13 or 15(d)

Indebtedness

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Indebtedness
6 Months Ended
Jun. 30, 2016
Indebtedness  
Indebtedness

6. Indebtedness

 

Equipment Financing

 

In March 2015, the Company entered into a lease agreement with a vendor for certain laboratory equipment. The Company financed $389,000 of the amount owed under the lease agreement and is required to make consecutive monthly payments of principal, plus accrued interest at 6.44%, over 36 months through March 2018. During the six months ended June 30, 2016, the Company made payments of $65,000, of which $10,000 related to interest. At June 30, 2016, $284,000 of principal was outstanding with respect to the equipment financing arrangement.

 

The Company also leases some of its office equipment under a capital lease agreement, for which $17,000 of principal was outstanding as of June 30, 2016,